What are closing entries? Why are they needed? Name the type of accounts (a) required to be closed and (b) not required to be closed. What is a manufacturing account? What is its objectives? Prepare a...

What are closing entries? Why are they needed? Name the type of accounts (a) required to be closed and (b) not required to be closed.

What is a manufacturing account? What is its objectives? Prepare a manufacturing account with appropriate imaginary figures.